Lagos, Nigeria — November 12, 2024: The naira closed at N1,681.42 per dollar on Monday, marking a slight loss of 0.2 percent (N2.55) from the previous session’s N1,678.87/$, according to data from the FMDQ Securities Exchange Limited.
The official foreign exchange market also witnessed a significant drop in turnover, with daily trading volume plunging 66.43 percent to $471.50 million from $1,403.76 million on Friday.
In the intraday market, the naira briefly touched a high of N1,695 before settling lower, with an intraday low of N1,631/$, compared to N1,609 in the previous session. Meanwhile, on the parallel (black) market, the naira fell to N1,740/$, losing N8 from N1,732/$ on Thursday.
The sharp decline in FX market activity reflects ongoing challenges in Nigeria’s currency market, driven by a combination of foreign exchange shortages and market pressures.
